admiral multiquote hmmmm
Discussion
well its that time to get both my cars insured.ive already had a quote from admiral for 420 for the pair the big but is they do not give agreed values so if i smacked the nob i would getwhat admiral calls parkers quide price and seeing that the noble isnt listed i would imagine loads of grief if the worst was to happen.my current insurer is hagerty and they have quoted 500 for both and both agreed value.the noble currently at 25k.(think ill go and push it off a cliff now).think its a stay with hagerty for peace of mind and a more relaxed and knowledgeable approach when being spoken to
Spent the last week trying to get a sensible insurance quote that covered mods/track use,business use and agreed value, nightmare....
Anyway, whilst I would love to have agreed value, unless you have heavily modified your noble I reckon you would end up getting more than you would expect, or at least woudn't be far out of pocket.
why.....
http://www.financial-ombudsman.org.uk/publications...
I'm pretty certain that if you got a list of all the prices for a similar model from all the mail dealers and took the average, they would have a hard case to defend not paying this to you as an offer. I did point this page out to somebody who had a car written off, and the company increased the offer by 25%. (Hope I never need to find out.)
[Think it was Joust who alerted me to this a few years ago, though the interpretation is mine in this case]
Rob.
Anyway, whilst I would love to have agreed value, unless you have heavily modified your noble I reckon you would end up getting more than you would expect, or at least woudn't be far out of pocket.
why.....
http://www.financial-ombudsman.org.uk/publications...
I'm pretty certain that if you got a list of all the prices for a similar model from all the mail dealers and took the average, they would have a hard case to defend not paying this to you as an offer. I did point this page out to somebody who had a car written off, and the company increased the offer by 25%. (Hope I never need to find out.)
[Think it was Joust who alerted me to this a few years ago, though the interpretation is mine in this case]
Rob.
Minor point but agreed values are only a "removal of hassle factor" and rarely actually do that.
All insurance since it was "invented" in its current form in the 1600s has been based on an principle of indemnity. Basically this means that any insurance company has to put you back in the same position at the moment before your loss.
To that end, it makes not an iota what the private price of a car is. All insurance companies, by law, have to pay you what it costs to walk into a "main dealer" and pay to replace the car you lost.
In most claims insurance companies tell you they will pay you the amount they found in X or Y or Z classified. The short story is to tell them to get stuffed, walk into any dealer, find a similar car, and send them that price. If you persist they will eventually cough. Similarly an qualified expert can value your car at replacement value and they have to pay that regardless if the actual car is available or not.
"Agreed values" do therefore nothing more than "agree" (cough) their legal obligations up front. If you want to pay more for that then that's your choice, but it doesn't help nor hinder your legal position.
See the FSA website for more details.
J
All insurance since it was "invented" in its current form in the 1600s has been based on an principle of indemnity. Basically this means that any insurance company has to put you back in the same position at the moment before your loss.
To that end, it makes not an iota what the private price of a car is. All insurance companies, by law, have to pay you what it costs to walk into a "main dealer" and pay to replace the car you lost.
In most claims insurance companies tell you they will pay you the amount they found in X or Y or Z classified. The short story is to tell them to get stuffed, walk into any dealer, find a similar car, and send them that price. If you persist they will eventually cough. Similarly an qualified expert can value your car at replacement value and they have to pay that regardless if the actual car is available or not.
"Agreed values" do therefore nothing more than "agree" (cough) their legal obligations up front. If you want to pay more for that then that's your choice, but it doesn't help nor hinder your legal position.
See the FSA website for more details.
J
joust said:
Minor point but agreed values are only a "removal of hassle factor" and rarely actually do that.
All insurance since it was "invented" in its current form in the 1600s has been based on an principle of indemnity. Basically this means that any insurance company has to put you back in the same position at the moment before your loss.
To that end, it makes not an iota what the private price of a car is. All insurance companies, by law, have to pay you what it costs to walk into a "main dealer" and pay to replace the car you lost.
In most claims insurance companies tell you they will pay you the amount they found in X or Y or Z classified. The short story is to tell them to get stuffed, walk into any dealer, find a similar car, and send them that price. If you persist they will eventually cough. Similarly an qualified expert can value your car at replacement value and they have to pay that regardless if the actual car is available or not.
"Agreed values" do therefore nothing more than "agree" (cough) their legal obligations up front. If you want to pay more for that then that's your choice, but it doesn't help nor hinder your legal position.
See the FSA website for more details.
J
Good info, thanks All insurance since it was "invented" in its current form in the 1600s has been based on an principle of indemnity. Basically this means that any insurance company has to put you back in the same position at the moment before your loss.
To that end, it makes not an iota what the private price of a car is. All insurance companies, by law, have to pay you what it costs to walk into a "main dealer" and pay to replace the car you lost.
In most claims insurance companies tell you they will pay you the amount they found in X or Y or Z classified. The short story is to tell them to get stuffed, walk into any dealer, find a similar car, and send them that price. If you persist they will eventually cough. Similarly an qualified expert can value your car at replacement value and they have to pay that regardless if the actual car is available or not.
"Agreed values" do therefore nothing more than "agree" (cough) their legal obligations up front. If you want to pay more for that then that's your choice, but it doesn't help nor hinder your legal position.
See the FSA website for more details.
J
Gadgeroonie said:
what would happen if the car was no longer available new ?(as in the Noble)
Same principle. You find any reasonable way of replacing it, and then adjust up/down for spec/options.To that end walk into an approved dealer and find a near enough car, then go from there.
J
joust said:
Gadgeroonie said:
what would happen if the car was no longer available new ?(as in the Noble)
Same principle. You find any reasonable way of replacing it, and then adjust up/down for spec/options.To that end walk into an approved dealer and find a near enough car, then go from there.
J
art411y said:
joust said:
Gadgeroonie said:
what would happen if the car was no longer available new ?(as in the Noble)
Same principle. You find any reasonable way of replacing it, and then adjust up/down for spec/options.To that end walk into an approved dealer and find a near enough car, then go from there.
J
Rob.
Edited by mr2turbo300 on Monday 20th July 19:40
Assuming you told them about mods then same principles stick.
It does require you to stick to your guns, and it is a pain but they do cough eventually if you stick to what they legally have to do. As an example they started at 29 on my X5 and we settled at 38. Took 4 stroppy letters though.
J
It does require you to stick to your guns, and it is a pain but they do cough eventually if you stick to what they legally have to do. As an example they started at 29 on my X5 and we settled at 38. Took 4 stroppy letters though.
J
joust said:
Assuming you told them about mods then same principles stick.
It does require you to stick to your guns, and it is a pain but they do cough eventually if you stick to what they legally have to do. As an example they started at 29 on my X5 and we settled at 38. Took 4 stroppy letters though.
J
Hi all, late to the party, my memory from my degree days is hazy but I think what joust is talking about stems from the doctrine of subrogation...even if I'm wrong I find that repeating "you have to put me in the same position as if i had never suffered a loss.... because of the doctrine of subrogation" followed by, "I'm not sure you understand what I'm talking about, should I speak with your boss?" gets you quickly to someone senior who will be able to, and will, resolve your issue.It does require you to stick to your guns, and it is a pain but they do cough eventually if you stick to what they legally have to do. As an example they started at 29 on my X5 and we settled at 38. Took 4 stroppy letters though.
J
N2H
Spot on, although the general word I'm told from my actuary friend is just indemnity nowdays.
His final advice (which moved it from 33 to 38) was to ask the claims advisor for a letter, signed by the chief executive of the company, that this was a final, fair offer.
I never got that letter, but "magically" the CEO decided that his company would offer 5k more, or an immediate 16% rise.
I'm told it's because if the CEO signs such a letter, and a judgement about not respecting the law is given, then he has big poo poo (technical term that!)
To that end, according to my friend, GAP, agreed values and many other so called advantages are worth exactly the recycling amount of the paper they are written on. ....
J
His final advice (which moved it from 33 to 38) was to ask the claims advisor for a letter, signed by the chief executive of the company, that this was a final, fair offer.
I never got that letter, but "magically" the CEO decided that his company would offer 5k more, or an immediate 16% rise.
I'm told it's because if the CEO signs such a letter, and a judgement about not respecting the law is given, then he has big poo poo (technical term that!)
To that end, according to my friend, GAP, agreed values and many other so called advantages are worth exactly the recycling amount of the paper they are written on. ....
J
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